Discounted Cash Flow (DCF) Analysis Unlevered

BrainsWay Ltd. (BWAY)

$2

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -102.70 | 2 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 11.1416.4023.1022.0629.6638.4049.7364.3983.37107.96
Revenue (%)
EBITDA -5.45-4.69-6.71-2.40-4.67-10.23-13.25-17.16-22.22-28.77
EBITDA (%)
EBIT -6.52-5.92-9.51-5.08-6.36-13.85-17.93-23.21-30.06-38.92
EBIT (%)
Depreciation 1.071.232.792.681.693.614.686.067.8410.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 14.569.0721.9017.1857.3542.4054.9071.0892.04119.18
Total Cash (%)
Account Receivables 2.953.975.9666.729.7112.5716.2721.0727.29
Account Receivables (%)
Inventories 0.270.090.310.440.200.540.700.901.171.51
Inventories (%)
Accounts Payable 1.632.241.320.781.103.174.115.326.888.91
Accounts Payable (%)
Capital Expenditure -0.99-1.97-3.31-2.47-2.24-4.14-5.36-6.95-8.99-11.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2
Beta 0.195
Diluted Shares Outstanding 15.39
Cost of Debt
Tax Rate -0.67
After-tax Cost of Debt 7.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.473
Total Debt 0.75
Total Equity 30.77
Total Capital 31.53
Debt Weighting 2.39
Equity Weighting 97.61
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 11.1416.4023.1022.0629.6638.4049.7364.3983.37107.96
EBITDA -5.45-4.69-6.71-2.40-4.67-10.23-13.25-17.16-22.22-28.77
EBIT -6.52-5.92-9.51-5.08-6.36-13.85-17.93-23.21-30.06-38.92
Tax Rate -2.45%-3.33%-4.26%-4.60%-0.67%-3.06%-3.06%-3.06%-3.06%-3.06%
EBIAT -6.69-6.11-9.91-5.32-6.40-14.27-18.48-23.93-30.98-40.11
Depreciation 1.071.232.792.681.693.614.686.067.8410.16
Accounts Receivable --1.02-1.98-0.05-0.72-2.99-2.86-3.71-4.80-6.21
Inventories -0.18-0.21-0.140.24-0.34-0.16-0.20-0.27-0.34
Accounts Payable -0.61-0.92-0.540.322.070.931.211.572.03
Capital Expenditure -0.98-1.97-3.31-2.47-2.24-4.14-5.36-6.95-8.99-11.65
UFCF -6.60-7.09-13.55-5.83-7.11-16.05-21.25-27.51-35.63-46.13
WACC
PV UFCF -15.35-19.44-24.07-29.81-36.91
SUM PV UFCF -125.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.56
Free cash flow (t + 1) -47.06
Terminal Value -1,838.12
Present Value of Terminal Value -1,470.77

Intrinsic Value

Enterprise Value -1,596.35
Net Debt -16.17
Equity Value -1,580.19
Shares Outstanding 15.39
Equity Value Per Share -102.70